Fiven Annual Report 2022

A worldwide leader	4
Key financials	5
2022 Highlights	6
Navigating Challenges to Achieve Strong Financial Performance and Drive Sustainability	8
Board and Management	11
Mission, Vision and Values	12
Corporate Social Responsibility	14
Board of Directors’ Report	18
Consolidated financial statements	26
Consolidated statement of income	27
Consolidated statement of comprehensive income	27
Consolidated statement of financial position	28
Consolidated statement of changes in equity	30
Consolidated statement of cash flows	31
Notes to the consolidated financial statements	32
Note 1 General information	33
Note 2 Significant accounting policies	33
Note 3 Accounting estimates and judgements	42
Note 4 Composition of the group	43
Note 5 Operating segments	44
Note 6 Revenue	46
Note 7 Grants	47
Note 8 Employee benefit expenses	48
Note 9 Employee benefit obligations (pensions)	49
Note 10 Management remuneration	49
Note 11 Other operating expenses	51
Note 12 Leasing	51
Note 13 Finance income and expenses	53
Note 14 Taxes	54
Note 15 Property, plant and equipment	56
Note 16 Intangible assets	57
Note 17 Impairment assessments	58
Note 18 Other receivables	60
Note 19 Inventories	60
Note 20 Trade receivables	61
Note 21 Cash and cash equivalents	62
Note 22 Interest bearing liabilities	62
Note 23 Financial assets and liabilities	66
Note 24 Provisions	70
Note 25 Financial risk	71
Note 26 Capital management	74
Note 27 Equity	74
Note 28 Trade and other payables	75
Note 29 Transactions and balances with related parties	76
Note 30 Correction of error	77
Note 31 Financial impact of climate related risk	79
Note 32 Events after the reporting period	79
Fiven ASA financial statements	80
Statement of income	81
Statement of financial position	82
Statement of cash flows	84
Notes to Fiven ASA financial statements	86
Note 1 General information and basis of preparation	87
Note 2 Significant accounting policies	87
Note 3 Intercompany items	89
Note 4 Employee benefit expenses	89
Note 5 Employee benefit obligations (pensions)	89
Note 6 Other operating expenses	90
Note 7 Finance income and expenses	90
Note 8 Taxes	91
Note 9 Share capital and statement of changes in equity	92
Note 10 Investments in subsidiaries	92
Note 11 Financial risk	93
Note 12 Interest bearing receivables and liabilities	94
Note 13 Cash and cash equivalents	96
Note 14 Events after the reporting period	96
Auditor’s report	98
Appendix to Fiven 2022 Annual report - Alternative Performance Measures (APMs)	104

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